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The American Institute of Certified Public Accountants identifies the following financial statement assertions: [8] Transactions and events. Occurrence — the transactions recorded have actually taken place. Completeness — all transactions that should have been recorded have been recorded.
The auditor uses assertions in assessing risks by considering potential misstatements that may occur, and thereby designing audit procedures that are responsive to the particular risks. Assertions used by the auditor fall into the following categories: (a) Assertions about classes of transactions and events for the period ended: Occurrence
For example, an auditor may: physically examine inventory as evidence that inventory shown in the accounting records actually exists (existence assertion); inspect supporting documents like invoices to confirm that sales did occur (occurrence); arrange for suppliers to confirm in writing the details of the amount owing at balance date as evidence that accounts payable is a liability (rights ...
Nike is taking a step in the right direction under new CEO Elliott Hill.The footwear brand posted its fiscal second quarter earnings on Thursday after market close. Its revenue of $12.35 billion ...
The Codification is effective for interim and annual periods ending after September 15, 2009. All existing accounting standards documents are superseded as described in FASB Statement No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles.
The United States on Monday called out Russia and China at the United Nations Security Council for "shamelessly protecting" and emboldening North Korea to further violate U.N. sanctions as ...
Federal investigators found nearly a dozen children to be working dangerous, overnight shifts at Seaboard Triumph Foods' pork processing plant in Sioux City, Iowa, the Department of Labor announced.
"Hearsay is a statement, other than one made by the declarant while testifying at the trial or hearing, offered in evidence to prove the truth of the matter asserted." [1] Per Federal Rule of Evidence 801(d)(2)(a), a statement made by a defendant is admissible as evidence only if it is inculpatory; exculpatory statements made to an investigator are hearsay and therefore may not be admitted as ...